Ecobank unveils Africa’s first unified digital payment solution

ECOBANK has unveiled a multi-featured digital payment solution, Ecobank Pay, designed to deliver unified and instant self-service across a range of interconnected payment solutions. The bank in a statement said that Ecobank Pay can be used by all businesses from small informal micro merchants to large corporates as well as governments, allowing them to offer easy and convenient payment options to their customers in-store or online.

Speaking on the rationale for developing the solution, Charles Kie, Managing Director, Ecobank Nigeria said: “Ecobank is committed to simplifying doing business for the people it serves, and Ecobank Pay is a payment solution channel that will make payments easier, faster, convenient and more secure.” According to the bank, “Ecobank Pay includes a rebrand of the Ecobank Scan+Pay QR offering, which allows customers to pay in-store via the Ecobank mobile app. Merchants can now also speedily sign-up for their QR merchant code via the Masterpass QR for Merchant functionality on Facebook Messenger.

“As the Ecobank Pay ecosystem expands it will unify all of Ecobank’s digital payment offerings for: Internet payments, eCommerce, Paying bills by mobile, Airtime top via mobile. “The Ecobank Pay QR offering, or Unstructured Supplementary Service Data (USSD), will continue to allow customers, of any bank in Nigeria or beyond, to make payments for goods and services, using their mobile banking app to Scan+Pay with MasterPass, Visa or mCash as the means of payment. mCash allows merchants to receive payments from their customers on one single Merchant Terminal ID for both Scan+Pay and USSD through the Nigeria Inter-Bank Settlement System (NIBSS) mCash service by dialing *402#. “For both Ecobank Pay Scan+Pay (via MasterPass and Visa) as well as USSD, merchants will receive instant credit on their account with Ecobank.

This digital payment solution is targeted at small informal micro merchants, registered small and medium size merchant businesses, corporate and institutional merchants operating in-store or online, as well utilising the social media platform of Facebook Messenger to sign up for QR technology.”